Riiser Fuels Sells Business to GPM
WAUSAU, Wis. — Riiser Fuels reached an agreement to sell its 63 convenience stores and gas stations to GPM Investments LLC. The sites are all in Wisconsin.
With the deal, Richmond, Va.-based GPM expands its Midwest portfolio. The transaction is on track to close in the fourth quarter.
"Riiser prides itself in providing the ultimate buying experience to customers by providing quality products and services. The transition to GPM will only enhance those offerings," said Riiser President Don Draughon.
Wasau-based Riiser Fuels purchased the assets of Riiser Oil Co. Inc. in June 2018. It followed its inaugural deal with a series of acquisitions — including Mad Max Jetz Convenience Centers locations — to boost its overall portfolio to 63 c-stores, which operate primarily under the R-Store banner.
In an effort to take advantage of the consolidation opportunities in Wisconsin, Riiser decided to team up with GPM.
"We enjoy serving all of our current customers and are thrilled to begin serving new customers in the great state of Wisconsin," said GPM President and CEO Arie Kotler. "We look forward to our expansion as we make these stores, sales associates, and customers a new part of the GPM family."
GPM Investments, together with its subsidiaries, operates or supplies fuel to more than 1,400 stores in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.